What is an IBAN and BICs and when do I need them?

An IBAN, or international bank account number, is a standard international numbering system developed to identify an overseas bank account. The number starts with a two-digit country code, then two numbers, followed by up to third-five alphanumeric characters. However, an IBAN does not replace a bank's own account number, as it’s only meant to provide additional information that helps in identifying overseas payments.

A BIC (Bank Identifier Code) is the SWIFT Address assigned to a bank in order to send automated payments quickly and accurately to the banks concerned. It uniquely identifies the name and country, (and sometimes the branch) of the bank involved.

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